Equity Group Leads Call for Private Sector Investment During US-Kenya State Visit

Equity Group Leads Call for Private Sector Investment During US-Kenya State Visit

Equity Group Holdings played a pivotal role in elevating the voice of the private sector during the recent historic state visit of Kenyan President Dr. William Samoei Ruto to the United States. Their efforts aimed to solidify a strong public-private partnership between the two nations for sustainable development.

Equity convened an impactful gathering in Washington D.C., bringing together US Senators, House members, officials from US agencies, and private sector leaders from Kenya and East Africa. The event, held at the US Senate Dirksen Building, featured an informal hearing on private sector opportunities in Africa and a panel discussion emphasizing the crucial role of the private sector in the success of the US-Kenya relationship.

Dr. James Mwangi, Equity Group Holdings MD and CEO, delivered a powerful opening address, highlighting the historical significance of collaboration between the public and private sectors in driving growth and prosperity.

“In this historic chamber, in this historic building, men and women have come together throughout time in memoriam to progress and advance lives and livelihoods for the betterment of all peoples, everywhere. Today we bring the power and the resources of the private sector, together with the influence of the public sector to create policy with the implementers of the global economy so that we may exponentially add to the sustainable growth and development for both our peoples and for the future of our families and our families’ families in both Africa and America.” Dr. Mwangi said.

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Prominent US Senators like Cory Booker and Ben Cardin, along with Congresswomen Sheila Cherfilus-McCormick and Barbara Lee, addressed the importance of Kenya’s growing role on the global stage and the necessity of supporting private sector partnerships for social and economic development. They acknowledged Africa’s vast potential and the need to shift narratives about the continent.

“I agree with your statement that Africa is a continent of endless possibilities, vast resources, and is holding solutions to all of humanity’s problems,” Senator Cory Booker remarked.

A distinguished panel featuring representatives from US government agencies, international development institutions, and global and regional private sector leaders further explored the existing public-private partnership between Kenya and the United States. They showcased achievements from the past six decades of collaboration and framed future engagements through a private sector lens.

Discussions highlighted the significant strides made through initiatives like the MCC’s Kenya Compact program, DFC’s expanded investment opportunities, Prosper Africa’s new Africa Trade Desk connecting US buyers and African suppliers, and the World Bank’s programs enabling US companies to participate in African projects.

Additionally, Congresswoman Cherfilus-McCormick’s introduction of House Resolution 1254, inspired by Equity Group and the ARRP, further solidified the importance of the US-Kenya partnership.

Equity Group’s involvement extended beyond the roundtables. Dr. Mwangi participated in a US Chamber of Commerce Business Forum panel on digital platforms for financial inclusion alongside industry giants like Mastercard and Microsoft.

Notably, Equity Group was announced as a founding member of the Mastercard Community Pass, MADE Alliance, focused on empowering African small-scale farmers through digital platforms.

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Furthermore, Equity Group signed agreements with HPE and HPI to acquire advanced technologies in support of their ambitious goal of reaching 100 million customers and creating 50 million jobs in East and Central Africa. They also actively engaged with the Kenyan diaspora and witnessed the White House’s formal welcoming ceremony for President Ruto.

Equity Group’s leadership in promoting private sector engagement pre-dates the State Visit. Dr. Mwangi spearheaded the creation of a Private Sector Declaration on Climate Action during the 2023 Africa Climate Summit and developed the Africa Recovery and Resilience Plan (ARRP) focused on private sector implementation.

Following the State Visit, Dr. Mwangi continued advocating for the private sector at the African Development Bank meetings and the KEPSA Platinum gathering.

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